SIG has launched a package of financial services for customers in response to what it calls continued economic and political issues that are putting an increased strain on SMEs in the construction industry.
Business Finance Tools, endorsed by the Institute of Credit Management (ICM), offer a number of services including long and short term financial support, customer risk and cash flow management, and online account management tools.
Simon Johnson, director of UK Credit Management at SIG, said: “The construction industry is notorious for its cash flow difficulties, but now more than ever the supply chain needs to work together to build firmer financial footholds. The economic crisis took its toll on construction, but as mainstream banks have reduced support, we’ve seen specialists springing up to offer services that answer the specific needs of the industry.
“This credit offering is a first for our industry. It will give SIG customers an enormous advantage in securing additional finance, increasing returns on final accounts and improving internal risk processes. Ultimately it will help ensure their businesses are protected and financed for future growth.”
The package is available through partnerships with third parties including P&A Financial Services, Catalyst Finance, IKMC, Credit Look, CIFS, UK Surety, Hawkswell Kilvington, and Data Interconnect.
Philip King, chief executive of the ICM, said:
“A healthy cash flow is vital to businesses of all sizes and good credit management practice minimises risk and ensures payment is received. I commend this initiative which supports SIG customers by providing access to tools that will help their businesses to survive and thrive.”
